Marc Bianchi, an analyst from TD Cowen, maintained the Buy rating on Halliburton. The associated price target is $38.00.
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Marc Bianchi has given his Buy rating due to a combination of factors that highlight Halliburton’s potential for growth and financial performance. The company recently outperformed its peers following a strong third-quarter performance and an optimistic guidance for the fourth quarter. This was bolstered by a strategic collaboration with VoltaGrid, which is expected to open new avenues for growth.
Despite a free cash flow that fell short of expectations, Halliburton’s cost-saving initiatives have significantly contributed to its EBITDA, with further savings anticipated in the upcoming quarter. The company’s international revenue is projected to rise, counterbalancing some of the anticipated seasonal slowdowns in North America. Additionally, the upward revision of the price target from $35 to $38 reflects confidence in Halliburton’s future prospects, supported by a favorable valuation based on its expected EBITDA.
According to TipRanks, Bianchi is a 2-star analyst with an average return of 0.3% and a 42.34% success rate. Bianchi covers the Energy sector, focusing on stocks such as Helmerich & Payne, NOV, and TechnipFMC.
In another report released on October 17, Morgan Stanley also maintained a Buy rating on the stock with a $26.00 price target.